QE3?

[superfrank]

Republican candidates vow to oust Fed's Bernanke
http://www.reuters.com/article/2011/10/12/us-usa-campaign-bernanke-idUSTRE79B0O120111012

"If they want to really change things, the first person to fire is Bernanke, who is a disastrous chairman of the Federal Reserve," said Gingrich.

"Bernanke has in secret spent hundreds of billions of dollars bailing out one group and not bailing out another group. I think it is corrupt and it is wrong for one man to have that kind of secret power."

"Bernanke compounds the problem," Paul said. "He's inflating twice as fast as Greenspan was."

[Ferru123]

Whatever you think of Bernanke, I'm not convinced this is a good thing.

How can central bankers be independent of government if the government has the power to fire them?

On the other hand, the situation we have in the UK, where King can miss targets every month and keep his job, isn't ideal either...

Jeff

Republican candidates vow to oust Fed's Bernanke

[superfrank]

Whatever you think of Bernanke, I'm not convinced this is a good thing.

How can central bankers be independent of government if the government has the power to fire them?

On the other hand, the situation we have in the UK, where King can miss targets every month and keep his job, isn't ideal either...

Well it's governments that appoint them so they should be accountable... who's gonna sack them if the government doesn't?!

You may have noticed that central bankers always do the thing that banks and "the markets" want because they are their masters and not the people who are kept in debt slavery to keep the ponzi schemes propped up.

Central banks' solution to every problem is always the same... more, and cheaper, money.

[Ferru123]

It's sometimes hard to reconcile the need for accountability with the need for independence.

To use another example, we want judges to be accountable, but we also want them to be independent, and if the government could go around sacking them when they didn't like their decisions, they wouldn't be very independent...

Jeff

Well it's governments that appoint them so they should be accountable... who's gonna sack them if the government doesn't?!

[superfrank]

QE explained... http://www.youtube.com/watch?NR=1&v=PTUY16CkS-k

[Ferru123]

Dylan Ratigan (rightfully) loses it on air - http://www.youtube.com/watch?v=gIcqb9hHQ3E

[Ferru123]

Believe it or not, they emailed me today to tell me that any further complaints I make about left-wing bias in the next 2 years won't be considered!

Arrogant bastards!

It reminds me of something Peter Sissons wrote (http://www.dailymail.co.uk/news/article ... ssons.html):

'Complaints from viewers may invariably be met with the BBC’s stock response, ‘We don’t accept that, so get lost’.'

In 2010-11, the BBC received 240,000 complaints. According to an article on their website (http://www.bbc.co.uk/news/entertainment-arts-14120960): 'Some 257 complaints were escalated, 17 of which were upheld or partially upheld'. Says it all...

I know the above isn't relevant to QE, but I thought I'd get it off my chest!

Jeff

don't waste your time complaining [to the BBC], they don't even reply.

[superfrank]

Believe it or not, they emailed me today to tell me that any further complaints I make about left-wing bias in the next 2 years won't be considered!

like they considered any of them anyway!

'reminds me of the The Scorpion and the Frog...

The Scorpion and the Frog is a fable about a scorpion asking a frog to carry him across a river. The frog is afraid of being stung during the trip, but the scorpion argues that if it stung the frog, the frog would sink and the scorpion would drown. The frog agrees and begins carrying the scorpion, but midway across the river the scorpion does indeed sting the frog, dooming them both. When asked why, the scorpion points out that this is its nature. The fable is used to illustrate the position that the behaviour of some creatures is irrepressible, no matter how they are treated and no matter what the consequences.
http://en.wikipedia.org/wiki/The_Scorpion_and_the_Frog

[Ferru123]

like they considered any of them anyway!

True!

And unfortunately it appears they aren't answerable on issues of impartiality to anyone but the BBC Trust!

Even Mr Cameron can't tell them what to do, because to do so would interfere with their political impartiality!

You might like this article - BBC boss tells staff facing cuts to 'grow up' - http://www.telegraph.co.uk/culture/tvan ... ow-up.html

I'm sure Ms Boaden is worth every penny of her £340K salary...

I like the fable!

Jeff

[superfrank]

the moment that Mystic Merv mentioned that the stated aim of QE is to boost asset prices the stock markets took off (at least the t0sser made me a few quid tonight!).